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VAT - Back to Basics
Rating: 4.4 out of 5(19 ratings)
34 students

VAT - Back to Basics

Learn VAT and Accounting Basics
Last updated 9/2024
English
English [Auto],

What you'll learn

  • Definitions: Output tax and Input tax
  • Vendor Registration and Cancellation
  • Time and value of supply
  • Exempt Supplies
  • Accounting basis

Course content

1 section6 lectures2h 3m total length
  • Part 118:33

    Explore the basics of South African VAT: who must register, how to compute output and input VAT, zero-rated vs exempt supplies, and key rules for vendors.

  • Course Notes
  • Part 220:55

    Discover how value-added tax works in a simple supply chain, including output tax, input vat, value, and key terms like supply, goods or services, and vendor liability.

  • Part 324:05

    Determine the time and value of supply, including invoices and deemed supplies, and summarize VAT reconciliation and open market value implications for exports, rentals, and educational services.

  • Part 427:49

    Learn how to claim vat correctly with valid tax invoices, apportionment and de minimis rules, and fringe benefit guidance for motor vehicles, entertainment, and expense transfers.

  • Part 532:36

    Master VAT basics, covering deregistration, going concern sales, open market value rules, partial-use input tax, and the impact of connected persons on transactions.

Requirements

  • No prerequistes required

Description


*This course relates to South African Taxes only*


As a tax professional, learners are immediately confronted with large volumes of detailed tax theory, and struggle to understand how the theory fits into the end goal of preparing tax computations.

This course has been designed to develop a foundation of simple application upon which the complexities of taxation can be built at a later stage. The approach to this session is practical rather than theoretical.


Topics Discussed:

  • Definitions: Output tax and Input tax

  • Registration

    • Category of vendor

    • Refusal to register

    • Cancellation of registration

    • Onus on the vendor

    • Liability of vendor

  • Time and value of supply

    • General rule

    • Rental agreement

    • Instalment credit agreement

    • Fixed property

    • Open Market Value

  • Zero-Rating

    • Export of goods

    • Export of secondhand goods

    • Supply of a going concern

    • Fuel levy

    • Services

  • Exempt Supplies

    • Financial services

    • Residential accommodation in a dwelling

    • Education services

    • Transport by road or rail

    • Other

  • Input Tax

    • Apportionment of input deductions – section 17 (1)

    • Prohibited input deductions – section 17 (2)

    • Double inputs

  • Calculation of VAT payable – section 16 (3)

  • Accounting basis

  • Deemed Supplies

    • Fringe Benefits – section 18 (3)

    • Person ceasing to be a vendor – section 8 (2)

    • Disposal of going concern – section 8 (7)

    • Insurance claims – section 8 (8)

    • Non-Supplies – section 8 (14)

    • Supply of goods or services used partly for making taxable supplies – section 8 (16)

  • Tax invoices, credit notes, debit notes

  • Irrecoverable debts – section 22

  • Late payments of VAT and interest on refunds

  • VAT and micro businesses

  • VAT and connected persons


All Included:

  • Video presented course

  • Downloadable course material

  • Certificate of training

  • Assessment (optional)

  • SAIT Accredited - 4 Verifiable CPD Points

Who this course is for:

  • Employees, Managers, Financial Staff and Individuals